RACV Car Loan

Information verified correct on May 27th, 2016

Enjoy a low interest rate and quick approval with a car loan from RACV

The Royal Automobile Club of Victoria, RACV, has been providing advice and support for cars throughout Australia's modern history.

Combine this experience with a loan that has a competitive set of features and rates and you'll get a product which could see you in the car you want without having to pay hefty fees or a higher than normal interest rate.

This loan is secured, which means it has a lower interest rate and allows you to use your car as security.

Product NameRACV Car Loans
Interest Rate (p.a.)From 6.5% (fixed)
Comparison Rate (p.a.)7.02%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
Min Loan Amount$15,000
Application Fee$360
Monthly Service Fee$0
Loan SecuritySecured
Pros
  • $0 ongoing fee per month
  • Extended warranty for your vehicle
  • Fast approval for your loan application
Cons
  • Higher than average minimum borrowing amount

Features and benefits

The RACV car loan offers a host of advantages which are designed to help you better manage your loan and protect your car.

  • There are no ongoing fees. The borrower of the RACV car loan does not have to pay any ongoing fee, which is in contrast to many car loans in the market at the moment. This leaves more money in your pocket, which can be used to put towards the loan amount itself or on other important expenses.
  • Loan approval in up to five hours. RACV can grant you approval in five hours. Remember approval will depend on RACV's lending criteria, which will take into account factors such as your income, debts, assets and credit file.
  • Flexible repayment options. You can make payments using direct debit, BPAY, cheque or in person at an RACV shop or Australia Post outlet.
  • Optional features. RACV also offer a range of optional extras that you can consider taking on with your loan. These include RACV Comprehensive Car Insurance, which you can save on, RACV warranty, credit protection and Autosure protection.

What are the loan costs?

There are no ongoing fees with this loan, but there is an establishment fee of $360.

Looking to apply?

If you'd like to apply for the RACV Car Loan, you can click "Go to Site" to get your application started. First, you need to make sure you meet the eligibility criteria outlined below:

  • Over the age of 18
  • Working full-time
  • An Australian citizen or permanent resident
  • Be looking to borrow more than $15,000
  • Want to buy a car less than 10 years old

Make sure you have your personal and financial details on hand before you start the application. Once you send in your online form, an RACV consultants will get in touch with you by the next day. After approval, RACV Finance will contact you to discuss how your loan would be settled. In most cases, the loan amount would be provided to you within 24 hours.

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62 Responses to RACV Car Loan

  1. Default Gravatar
    Jason | May 4, 2016

    I am above the age of 18, looking for a car loan. I am doing permanent casual work with 25+ hrs a week with a stable income for the past year. Would I be eligible for the loan?

    • Staff
      Elizabeth | May 5, 2016

      Hi Jason,

      Unfortunately you need to be working full-time to be eligible for this loan. As you’re a casual employee your options are more limited but you can still have car loan options – you can find out more about them on this page. You can also see a full car loan comparison on this page.

      Hope this helps,

      Elizabeth

  2. Default Gravatar
    John | January 30, 2016

    Hi, I’m looking for a car loan for me and my partner. Both our cars are not running well. And instead of fixing up the problems especially because their old it’d make sense if I could borrow the money and try to get something decent for work and that. Though my credit it quite bad because of my past mistakes. I am making regular payments to all the debt that I do owe so I can settle them all.
    I’ve been in the same job now for 5 years and pretty good and secure. The company is (Caterpillar).
    I just want to know if the RACV could help me out in getting a car loan.
    Thank you.

    • Staff
      Elizabeth | February 1, 2016

      Hi John,

      Unfortunately RACV do not consider applicants with bad credit for a car loan. However, you may find this page and this page and this list helpful.

      Thanks,

      Elizabeth

  3. Default Gravatar
    John | January 26, 2016

    Hello. I understand that you can buy a car that’s less than 10 yrs old. But what about a motorcycle!? And does kms bare any effect. It would be via a dealer that I would purchase. Also what is the max in yrs to buy a motorcycle!? Thanks…

    • Staff
      Elizabeth | January 27, 2016

      Hi John,

      RACV can offer you finance for a motorcycle. When filling out your application form just click ‘more loan types’ and select ‘motorcycle’. RACV judges each application on a case-by-case basis, so if you have any question regarding eligibility it would be best directed to them.

      I hope this has helped.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Lolo | November 11, 2015

    Buying a first car looking at car loan what will the interest rate.

    • Staff
      Elizabeth | November 12, 2015

      Hi Lolo,

      Thanks for your question.

      RACV offer rates ‘from 6.5% p.a.’ but the actual rate you are offered will depend on the details you provide in your application.

      I hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    Alison | July 29, 2015

    Hi – Is this loan available for caravans as well?

    • Staff
      Elizabeth | July 31, 2015

      Hi Alison,

      Thanks for your question.

      When you submit your loan application RACV asks you to clarify the purpose of the loan – here is where you can list that you plan to buy a caravan. The actual caravan you’re looking to buy (i.e. new, used, etc.) may have a bearing on whether you can use the loan to finance its purchase. You can get in contact with RACV by clicking ‘Go to Site’ on the page above.

      I hope this has helped.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Adam | July 28, 2015

    HI

    How do i obtain a payout figure for my car loan.

    • Staff
      Elizabeth | July 29, 2015

      Adam,

      Thanks for your question.

      You’ll need to get in contact with RACV directly for information regarding your loan.

      Thanks,

      Elizabeth

  7. Default Gravatar
    so | June 28, 2015

    Hi,
    My partner wish to apply for a car loan but he is on a parent visa (820) . Can he apply for it?
    Many thanks.

    • Staff
      Elizabeth | June 29, 2015

      Hi So,

      Thanks for your question.

      To be eligible to apply for this loan online you’ll need to be a permanent Australian resident or citizen. You still may be eligible for a loan but you’ll need to give RACV a call to discuss your situation. You can get their contact details by clicking ‘Go to Site’ to visit their website.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    hayley | May 31, 2015

    i was just wondering, i have a 3 year car loan and if i pay it off before the 3 years is there a fee i pay and is it a huge amount?

    thanks :)

    • Staff
      Elizabeth | June 1, 2015

      Hi Hayley,

      Thanks for your question.

      There are early termination fees if you choose to terminate the loan before three-quarters of your loan term. The fee is $160 or 1.25% of your remaining loan amount, whichever is greater. However, if you want to make additional repayments without paying out your loan early, there will be no charges.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    ivan | March 21, 2015

    just realised that my car loan has been done over 7 years at an interest rate of 16% per annum, which is $17500 in interest. the amount of the loan was $25000.
    what will be the interest rate if i want to refinance with RACV

    • Staff
      Shirley | March 23, 2015

      Hi Ivan,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and does not represent RACV. Interest rates start from 6.99% p.a. depending on your loan amount and loan term.

      If you would like to discuss your eligibility or options, please get in touch with RACV directly by clicking on ‘Go to site’.

      Cheers,
      Shirley

  10. Default Gravatar
    Heidi | March 19, 2015

    I am full time employed with the same company for 11 years and have started a business with my partner of whom works in the business, were I just do the book keeping, I will not be drawing a wage from the business as I already have a full time salary.
    I want to purchase a car for the business and I’m happy to give a personal guarantee but I want to purchase the car in the business name can this be done?

    • Staff
      Shirley | March 20, 2015

      Hi Heidi,

      Thanks for your question.

      Unfortunately this car loan is available for personal customers only. However, RACV offers a separate business car loan that you can use to purchase the car in the business name.

      Cheers,
      Shirley

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